February 6, 2007 9:01 PM PST
Travel site SideStep gets $15 million in venture capital
Travel search company SideStep has raised $15 million in a Series C round of funding led by Norwest Venture Partners, SideStep plans to announce on Wednesday. The sum is the largest single investment yet for the Santa Clara, Calif.-based company, bringing its total venture capital to $32 million. Other investors include Trident Capital, Leader Ventures and Saints Capital.
The money will be used to fund acquisitions in North America, Europe and Asia; marketing; and efforts to expand its user-generated content offerings as the site continues to evolve into a travel portal, said Rob Solomon, SideStep chief executive. As part of the financing announcement, Robert Abbott, a general partner at Norwest Venture, will join SideStep's board of directors. Last month, Owen Van Natta, chief operating officer of Facebook, was elected to serve on SideStep's board.